The
global Clinical
Oncology Next Generation Sequencing Market size is
expected to reach USD 1.16 billion by 2030, according to a new report by Grand
View Research, Inc. The market is expected to expand at a CAGR of 15.7%
from 2023 to 2030. The clinical oncology next generation sequencing (NGS)
market is in high demand. It is projected to expand at an increasing rate
throughout the forecast period owing to the rising healthcare expenditure
triggering the development of effective personalized medicine & therapeutic
procedures for cancer and increasing adoption of NGS.
The
increasing healthcare expenses and the launch of effective cancer treatments
are expected to fuel market growth over the forecast period. A study published
by the JAMA network in February 2023 estimated that the cost of cancer
treatment can reach up to USD 25 trillion globally over the 30 years from
2020-2030. The comparative contribution of treatment expenses to the total
economic expense of cancers was found to be more significant in high-income
nations than in low-income nations. Moreover, various treatment techniques are
being developed and utilized to diagnose and treat cancer. According to the
study published by Wiley in January 2023, technological advances that are being
used to develop new diagnostic techniques include image reconstruction software,
imaging devices, hardware, biomarkers, and artificial
intelligence algorithms, thereby delivering a reliable analysis and
diagnosis of the tumor.
Furthermore,
the growth of the clinical oncology next-generation sequencing market during
the forecast period is propelled by the rise in the adoption of NGS over single
gene testing. Many studies demonstrated that NGS is cost-effective and
efficient over single gene testing. For instance, a study published by JCO
Precision Oncology in March 2023 concluded that the adoption of NGS in Spanish
reference centers to diagnose patients with NSCLC could be a cost-effective
strategy over single gene testing. In addition, the study given by the National
Library of Medicine in January 2023, suggests that the current NGS over
sequential single-gene testing can slightly reduce annual costs. However,
embracing NSG over SSG testing can decrease the average turnaround time,
facilitating quicker identification of genomic alterations and early initiating
therapy for small cell lung cancer patients in Japan. These factors are
expected to drive the market over the forecast period.
List of Key Players of Clinical Oncology Next Generation
Sequencing (NGS) Market
- Illumina,
Inc.
- Thermo
Fisher Scientific
- F.
Hoffmann-La Roche Ltd.
- Agilent
Technologies, Inc.
- Myriad
Genetics
- Beijing
Genomics Institute (BGI)
- PerkinElmer,Inc.
- Foundation
Medicine
- PacBio
- Oxford
Nanopore Technologies
- Paradigm
Diagnostics
- Caris Life
Sciences
- Partek
Incorporated
- Eurofins
Scientific
- QIAGEN
Related Press
Release@ Clinical
Oncology Next Generation Sequencing Market Report
Clinical Oncology Next Generation Sequencing Market
Report Highlights
- In the
workflow segment, NGS sequencing dominated the market with a revenue share
of 56.0% in 2022, owing to technological advancements and the rising
number of cancer sequencing projects
- By
technology, the targeted sequencing and resequencing accounted for the
largest revenue share of 72.7% in the clinical oncology NGS market in
2022. This can be attributed to the growing clinical utility of targeted
panels and their efficiency in detecting cancer tumors
- By
application, the screening segment held the highest share of 80.1% in
2022. The segment's dominance is due to the increasing prevalence of cancer
worldwide
- By end-use,
the laboratories segment accounted for the largest share of 64.1% in the
clinical oncology NGS market in 2022. This can be attributed to the rising
number of research and development activities
- North
America held the largest market share of 48.68% in 2022. The dominance of
the region is due to the presence of prominent international players in
the market and rising investments from public and private organizations in
life science research & solutions developments in the region
Clinical Oncology Next Generation
Sequencing Market Report Scope
|
Report Attribute |
Details |
|
Market
size value in 2023 |
USD 419.6
million |
|
Revenue
forecast in 2030 |
USD 1.16
billion |
|
Growth
rate |
CAGR of
15.7% from 2023 to 2030 |
|
Base year
for estimation |
2022 |
|
Historical data |
2018 - 2021 |
|
Forecast period |
2023 - 2030 |
Clinical Oncology Next Generation Sequencing Market
Segmentation
Grand
View Research has segmented the global clinical oncology next generation
sequencing market based on technology, workflow, application, end use, and
region:
Clinical Oncology Next Generation Sequencing
(NGS) Technology Outlook (Revenue, USD Million, 2018 - 2030)
- Whole Genome
Sequencing
- Whole Exome
Sequencing
- Targeted
Sequencing & Resequencing
Clinical Oncology Next Generation Sequencing
(NGS) Workflow Outlook (Revenue, USD Million, 2018 - 2030)
- NGS
Pre-Sequencing
- NGS
Sequencing
- NGS Data
Analysis
Clinical Oncology Next Generation Sequencing
(NGS) Application Outlook (Revenue, USD Million, 2018 - 2030)
- Screening
- Sporadic
Cancer
- Inherited
Cancer
- Companion
Diagnostics
- Other
Diagnostics
Clinical Oncology Next Generation Sequencing
(NGS) End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Hospitals
- Clinics
- Laboratories
Clinical Oncology Next Generation Sequencing
(NGS) Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North
America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Denmark
- Sweden
- Norway
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Thailand
- Latin
America
- Brazil
- Mexico
- Argentina
- Middle East
and Africa (MEA)
- South
Africa
- Saudi
Arabia
- UAE
- Kuwait
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals, materials,
healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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